Barely three weeks after the Port Harcourt refinery began production, the price of Premium Motor Spirit (PMS), otherwise known as petrol or fuel, hasdropped across the Nigeria National Petroleum Company Limited (NNPCL) retail outlets in Abuja.

Reports indicate that the pump price at NNPCL stations dropped from ₦1,060 to ₦1,040 per litre, representing a ₦20 reduction.

This development has been confirmed by both filling station attendants and motorists in the Federal Capital Territory.

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A filling station attendant at the NNPCL outlet along the Kubwa expressway revealed that the price adjustment took effect on Saturday morning.

A motorist, Ezekiel Njoku, expressed his optimism about the reduction, stating, “The reduction of ₦20 is significant.

“We need further fuel price reductions in the coming days.”

While NNPCL outlets now sell petrol at ₦1,040 per litre, other retail stations maintain prices ranging from ₦1,115 per litre, depending on their locations.

This price adjustment aligns with earlier speculations by Prof. Billy Okoye, former Managing Director of NNPCL Retail, who anticipated a reduction in fuel prices following the Port Harcourt refinery’s resumption of operations.

Industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have also suggested that deregulation in the oil sector, combined with production from the Port Harcourt and Dangote refineries, will drive further reductions in fuel prices.

The reopening of the Port Harcourt refinery marks a pivotal moment in Nigeria’s energy sector, with the potential to stabilize fuel supply and lower costs for consumers.

The move is seen as a significant step in alleviating the economic burden on Nigerians, who have faced skyrocketing fuel prices since the removal of subsidies.

As Nigerians welcome this development, expectations remain high for more price reductions in the coming weeks, especially with increased production capacity from local refineries.